Huntsman Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Accumulated Other Comprehensive Loss

Note 14 - Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Comprehensive Income (Loss) Note [Text Block]

14. ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of other comprehensive (loss) income and changes in accumulated other comprehensive loss by component were as follows (dollars in millions):

Huntsman Corporation

				*Pension*			*Other*
	*Foreign*			*and other*			*comprehensive*							*Amounts*		*Amounts*
	*currency*			*postretirement*			*income of*							*attributable to*		*attributable to*
	*translation*			*benefits*			*unconsolidated*							*noncontrolling*		*Huntsman*
	*adjustment(a)*			*adjustments(b)*			*affiliates*		*Other, net*		*Total*			*interests*		*Corporation*
Beginning balance, January 1, 2021	$	(328	)	$	(1,050	)	$	8	$	4	$	(1,366	)	$	20	$	(1,346	)
Other comprehensive loss before reclassifications, gross		(32	)		—			—		—		(32	)		—		(32	)
Tax expense		—			—			—		—		—			—		—
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—			24			—		—		24			—		24
Tax expense		—			(5	)		—		—		(5	)		—		(5	)
Net current-period other comprehensive (loss) income		(32	)		19			—		—		(13	)		—		(13	)
Ending balance, March 31, 2021	$	(360	)	$	(1,031	)	$	8	$	4	$	(1,379	)	$	20	$	(1,359	)

(a)	Amounts are net of tax of $56 for both March 31, 2021 and January 1, 2021.

(b)	Amounts are net of tax of $148 and $153 as of March 31, 2021 and January 1, 2021, respectively.

(c)	See table below for details about these reclassifications.

				*Pension*			*Other*
	*Foreign*			*and other*			*comprehensive*							*Amounts*		*Amounts*
	*currency*			*postretirement*			*income of*							*attributable to*		*attributable to*
	*translation*			*benefits*			*unconsolidated*							*noncontrolling*		*Huntsman*
	*adjustment(a)*			*adjustments(b)*			*affiliates*		*Other, net*		*Total*			*interests*		*Corporation*
Beginning balance, January 1, 2020	$	(369	)	$	(1,031	)	$	8	$	4	$	(1,388	)	$	26	$	(1,362	)
Other comprehensive (loss) income before reclassifications, gross		(67	)		8			—		—		(59	)		—		(59	)
Tax expense		(6	)		—			—		—		(6	)		—		(6	)
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—			58			—		—		58			—		58
Tax expense		—			(14	)		—		—		(14	)		—		(14	)
Net current-period other comprehensive (loss) income		(73	)		52			—		—		(21	)		—		(21	)
Ending balance, March 31, 2020	$	(442	)	$	(979	)	$	8	$	4	$	(1,409	)	$	26	$	(1,383	)

(a)	Amounts are net of tax of $74 and $68 as of March 31, 2020 and January 1, 2020, respectively.

(b)	Amounts are net of tax of $134 and $148 as of March 31, 2020 and January 1, 2020, respectively.

(c)	See table below for details about these reclassifications.

	*Three Months Ended March 31,*
	*2021*			*2020*
	*Amounts reclassified*			*Amounts reclassified*			*Affected line item in*
	*from accumulated*			*from accumulated*			*the statement*
Details about Accumulated Other	*other*			*other*			*where net income*
Comprehensive Loss Components(a):	*comprehensive loss*			*comprehensive loss*			*is presented*
Amortization of pension and other postretirement benefits:
Prior service credit	$	(3	)	$	(3	)	(b)
Settlement loss		3			41		(c)
Actuarial loss		24			20		(b)(d)
		24			58		Total before tax
		(5	)		(14	)	Income tax expense
Total reclassifications for the period	$	19		$	44		Net of tax

(a)	Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.

(b)	These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.”

(c)	In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 of pension and other post-employment benefit settlement losses during the three months ended March 31, 2020.

(d)	Amounts contain approximately $2 and $1 of actuarial losses related to discontinued operations for the three months ended March 31, 2021 and 2020, respectively.

Huntsman International

				*Pension*			*Other*
	*Foreign*			*and other*			*comprehensive*							*Amounts*		*Amounts*
	*currency*			*postretirement*			*income of*							*attributable to*		*attributable to*
	*translation*			*benefits*			*unconsolidated*							*noncontrolling*		*Huntsman*
	*adjustment(a)*			*adjustments(b)*			*affiliates*		*Other, net*		*Total*			*interests*		*International*
Beginning balance, January 1, 2021	$	(333	)	$	(1,028	)	$	8	$	—	$	(1,353	)	$	20	$	(1,333	)
Other comprehensive loss before reclassifications, gross		(31	)		—			—		—		(31	)		—		(31	)
Tax expense		—			—			—		—		—			—		—
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—			25			—		—		25			—		25
Tax expense		—			(6	)		—		—		(6	)		—		(6	)
Net current-period other comprehensive (loss) income		(31	)		19			—		—		(12	)		—		(12	)
Ending balance, March 31, 2021	$	(364	)	$	(1,009	)	$	8	$	—	$	(1,365	)	$	20	$	(1,345	)

(a)	Amounts are net of tax of $43 for both March 31, 2021 and January 1, 2021.

(b)	Amounts are net of tax of $172 and $178 as of March 31, 2021 and January 1, 2021, respectively.

(c)	See table below for details about these reclassifications.

				*Pension*			*Other*
	*Foreign*			*and other*			*comprehensive*							*Amounts*		*Amounts*
	*currency*			*postretirement*			*income of*							*attributable to*		*attributable to*
	*translation*			*benefits*			*unconsolidated*							*noncontrolling*		*Huntsman*
	*adjustment(a)*			*adjustments(b)*			*affiliates*		*Other, net*		*Total*			*interests*		*International*
Beginning balance, January 1, 2020	$	(374	)	$	(1,012	)	$	8	$	—	$	(1,378	)	$	26	$	(1,352	)
Other comprehensive (loss) income before reclassifications, gross		(67	)		8			—		—		(59	)		—		(59	)
Tax expense		(6	)		—			—		—		(6	)		—		(6	)
Amounts reclassified from accumulated other comprehensive loss, gross(c)		—			59			—		—		59			—		59
Tax expense		—			(14	)		—		—		(14	)		—		(14	)
Net current-period other comprehensive (loss) income		(73	)		53			—		—		(20	)		—		(20	)
Ending balance, March 31, 2020	$	(447	)	$	(959	)	$	8	$	—	$	(1,398	)	$	26	$	(1,372	)

(a)	Amounts are net of tax of $61 and $55 as of March 31, 2020 and January 1, 2020, respectively.

(b)	Amounts are net of tax of $160 and $174 as of March 31, 2020 and January 1, 2020, respectively.

(c)	See table below for details about these reclassifications.

	*Three Months Ended March 31,*
	*2021*			*2020*
	*Amounts reclassified*			*Amounts reclassified*			*Affected line item in*
	*from accumulated*			*from accumulated*			*the statement*
Details about Accumulated Other	*other*			*other*			*where net income*
Comprehensive Loss Components(a):	*comprehensive loss*			*comprehensive loss*			*is presented*
Amortization of pension and other postretirement benefits:
Prior service credit	$	(3	)	$	(3	)	(b)
Settlement loss		3			41		(c)
Actuarial loss		25			21		(b)(d)
		25			59		Total before tax
		(6	)		(14	)	Income tax expense
Total reclassifications for the period	$	19		$	45		Net of tax

(a)	Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.

(b)	These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.”

(c)	In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 of pension and other post-employment benefit settlement losses during the three months ended March 31, 2020.

(d)	Amounts contain approximately $2 and $1 of actuarial losses related to discontinued operations for the three months ended March 31, 2021 and 2020.